Credit unions have nearly matched last year's record sales of securities backed by their auto loans, and another deal is around the corner from American Heritage Federal Credit Union of Philadelphia.
American Heritage ($4.9 billion in assets, 312,782 members as of June 30) filed a 15G form Oct. 18 with the U.S. Securities & Exchange Commission saying the credit union planned to issue securities backed by some of its auto loans. The expected amount and closing dates were not stated. Stifel, Nicolaus & Company and BofA Securities were assisting the deal.
The credit union has not yet commented on the deal.
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